Rowan Companies up 9.5% After Update on Timing of Change in Corporate Structure

Rowan Companies RDC is trading higher on the session following its update on timing of change in corporate structure. Accodring to the company's press release, "the change in corporate structure would result in the Company becoming a wholly owned subsidiary of a new U.K. parent holding company to be named Rowan Companies plc." Rowan Companies noted it is expecting to maintain its position in the S&P 500 index, but reminded that "although the Company is pursuing a Class A Share structure, there can be no assurance that the Company will be successful in such efforts." The shares of Rowan companies are currently trading at $33.93 a gain of $2.93 or 9.45%.